Waikoloa Village Home Sales for 2013 Show 30% Increase In Sales Prices
Waikoloa Village home sales for 2013 showed a very strong rebound in average sales prices with an incredible 30% increase in sales prices. In 2013, there were a total of 90 home sales – this was up slightly from 2012’s total of 86 home sales, but 2013 showed a huge one year increase in the average sales price of homes, rising from just $310,212 in 2012 up to $403,059 – a whopping increase, in one year, of about 30%!
Waikoloa homes had an incredible one year average sales price increase of 30%
Buyers were drawn to Waikoloa and spent a total of just over $36,000,000 for homes in 2013, up from $26,678,000. This increase in total sales volume was an increase of about 36%.
In addition to the 30% increase in sales price, 2013 saw the almost complete disappearance of distressed properties – short sales and bank owned REO’s. In 4th quarter 2013, there were 22 homes sold, but only 2 homes were distress sales. Compare this to 2012 when half of the sales for the year were distressed sales – a total of 43 sales out of the 86 sales.
A New Year, A New Waikoloa
As you would expect, low end sales prices increased dramatically in 2013, with entry level pricing climbing from the low $200,000’s into the mid $300,000’s. And the high end hit a new height with a 2013 Waikoloa Village home sale of over one million.
With a sales price of $1,150,000, this “resort-style” home was easily the highest home sale price
It’s easy to see the difference one year has made in Waikoloa by a drive through the village. Gone are the many abandoned homes that were an eyesore in Waikoloa for several years. Another big change is the reappearance of construction in Waikoloa with new homes popping up all around the village…and vacant lots becoming more and more difficult to find and buy.
Also gone are the sea of “For Sale” signs that were found in almost every block a few years ago. Current inventory levels of homes for sale have been at low levels for most of the last half of 2013.
So, Where Are We Headed for 2014?
I see continuing price increases in home prices for this year – but I certainly hope we have nothing like another 30% increase. But, with low levels of homes for sale, very few available lots for new homes to be constructed, and a new group of mainland buyers wanting to make the move to Hawaii, I think that 2014 will be a very active year for Waikoloa real estate. And, I’ll be here with my blogs to keep you up to date on the year ahead.
I love the Big Island! Aloha.